Bitcoin is running into a concentrated break-even sell zone, with 1.79 million BTC, or 8.93% of circulating supply, carrying a cost basis between $62,000 and $65,000. That positioning can matter because holders near break-even often become more willing sellers when price revisits their entry range. Bitcoin also traded above $65,000 for six straight sessions without posting a daily close above that level, even as traders rebuilt $70,000 call exposure, indicating renewed upside positioning in options markets.